Story perspectives

Pressure Mounts on Chancellor as Economic Outlook Dims

11/3/2025

Summary

Story summary

Cabinet Minister John Healey warns weaker forecasts will have consequences ahead of the Budget on November 26.
The Office for Budget Responsibility (OBR) now sees deeper economic damage than previously thought.
Chancellor Rachel Reeves faces pressure to raise taxes, especially income tax, to address a fiscal gap.
Labour MPs are split on fiscal rules, with some urging more borrowing and others resisting major tax rises, risking backlash within the party.

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Story summary

Cabinet Minister John Healey warns weaker forecasts will have consequences ahead of the Budget on November 26.
The Office for Budget Responsibility (OBR) now sees deeper economic damage than previously thought.
Chancellor Rachel Reeves faces pressure to raise taxes, especially income tax, to address a fiscal gap.
Labour MPs are split on fiscal rules, with some urging more borrowing and others resisting major tax rises, risking backlash within the party.